GCB Bank PLC has reinvented digital banking in the country with the relaunch of its revamped digital banking platform.
The enhanced mobile banking app dubbed ‘Recoded’, the bank said, has been painstakingly developed to provide convenience to customers while ensuring the safety of investments.
The new platform comes with unique features compared to any other banking app on the market, and is an outcome of the feedback from customers’ experience using the old app – representing a marked improvement on others.
Functions such as ability to generate certified bank statements for visa application with any embassy in the country, send and receive money from any card in the world, access loans online and pay bills seamlessly make the app a market leader.
Managing Director- GCB Bank PLC, Kofi Adomakoh, in his remarks at the launch in Accra emphasised that this innovation is a demonstration of the bank’s commitment to providing customer-centric services to all clients, and a testament to its leadership in the industry.
“Recoded is now rated as the best app on the Ghanaian market, with over 100,000 downloads. It comes with a lot of menu options to choose from; offering inclusive services, ease of use and is reloaded with rich features,” he said.
He stressed that this development is for the public to know that management listens to them as it seeks to combine physical branches with technology to extend banking into areas where the bank has no offices.
“GCB is mindful of all the needs of customers, and is committed to ensuring that no one is left out,” he added.
The Recoded app, with the tagline ‘new vibe’, takes into consideration convenience, safety and security as cyber-attacks are increasing in the banking space.
Executive Head-Retail Banking, GCB, John Adamah, highlighted that the platform is connected to the National Identification Authority (NIA) database, enabling instant account-creation without visiting any physical branch of the bank.
Other possibilities that come with this includes getting an account without an initial deposit requirement, and covers the issue of instant transaction receipts to clients among other features that no other banking app in the country has.
In terms of security, the app is embedded with secured biometric fingerprint login and face ID. It also comes with a comprehensive card service. With this, clients can view their Visa and Mastercard details on the app, and manage their cards with ease on the platform.
“Clients can now request a virtual card without necessarily owning a physical card,” Mr. Adamah indicated.
Bank of Ghana Governor Ernest Addison, in his remarks, commended the bank for the innovative solution, which he says leverages advancement in technology and various digital data systems.
“The deployment of technologies such as artificial intelligence and machine learning can also be used by cybersecurity analysts in the banking sector to detect and analyse high-risk incidents. These technologies can investigate threats to search for security flaws and deploy solutions to cyber-breaches in real-time. To this end, banks are encouraged to promote the use of advanced analytics and machine learning to identify and prevent fraudulent activities so as to protect the industry,” he said.
Furthermore, he added that the presence of cyber threats is increasing cyber risks, including cyber-attacks and data breaches. As banks digitise their products, customers who use such information technology are also increasingly facing fraudsters and scammers. If not adequately managed, these cyber risks will outweigh all the benefits that technological advancements present.
“Therefore, banks must improve on their cybersecurity infrastructure to enhance resilience against cyber-attacks. Most importantly, financial education and awareness is crucial in protecting banks and customers from cyber-attacks. Banks need to arrange their cybersecurity properly so that the benefits of technology are not outweighed by the threats,” emphasised.
He assured that the BoG will continue to provide an enhanced regulatory environment for the financial sector.
